Exploiting a statutory loophole that has broad implications for similar circumstances, the Senate voted to repeal a 2013 guidance from the Consumer Financial Protection Bureau (CFPB) targeting discriminatory lending practices employed by some auto dealerships.
This matter has major implications for rules, bulletins, FAQs or other guidance that may have been finalized by the CFPB or other federal regulators but not submitted to Congress since the CRA statute was signed into law.
Find out more about the implications of the vote and what industry insiders and political officials are saying about it.